Final answer:
A process capability analysis is a statistical tool used in business to determine the ability of a process to meet specifications.
Step-by-step explanation:
A process capability analysis is a statistical tool used in business to determine the ability of a process to meet specifications. It helps identify if a process is capable of producing output within the desired limits.
In the given options, process capability analysis is NOT used to establish new specifications or prioritize competing processes. It is also not used to maintain a process in a state of statistical control. Instead, it is used to assess the inherent capability of a process to meet the specified requirements.